An OTC whale who accumulated more than 60,000 ETH in the past week. It is now sitting on steep losses after Ethereum slipped below $4,000. On-chain data from Lookonchain shows the whale bought 60,333 ETH worth $238.7 million at an average cost of $4,230 per ETH. With ETH now trading below that level, the unrealized losses exceed $16 million.
This OTC whale bought 60,333 $ETH($238.7M) at ~$4,230 avg in the past 7 days, and is now sitting on a loss of over $16M!
Address:
0xd8d041705735cd770408AD31F883448851F2C39d
0xC4de1a0F88b5E10bdeF769830699c4F6191b4933
0x2aAF355c820676C104bd00Ee6c506FA05998dDa2 pic.twitter.com/SDbyFN9MXM— Lookonchain (@lookonchain) September 26, 2025
Large Buys Across Coinbase and Wintermute
The whale spread purchases across several addresses linked to OTC activity. Transfers show steady inflows from Coinbase hot wallets and the trading firm Wintermute. It suggests most of the ETH was acquired through over-the-counter deals rather than open market buys.
Some of the largest single transactions included:
- 10,000 ETH ($39M) moved 12 hours ago from the whale to Wintermute.
- Multiple 2,500 ETH ($9.7M each) transfers between Wintermute and the whale.
- A 6,077 ETH ($24M) deposit into Aave’s Wrapped Token Gateway.
- A series of buys from Coinbase wallets, ranging between 700 ETH ($2.9M) and 2,250 ETH ($9.2M) each.
Altogether, these transactions built up the whale’s massive $238M position.
Sitting on Heavy Losses
The strategy has not yet paid off. Ethereum’s price has been under pressure. It is dipping below $4,000 during the latest sell-off. That places the whale’s cost basis around $200 above the current price. At today’s levels, the whale’s unrealized losses are over $16 million. The size of the position leaves little flexibility: either hold through further volatility or risk realizing losses if sold back into the market.
Why It Matters
Whales buying in size often influence short-term sentiment. Large OTC deals usually signal strong confidence in an asset’s longer-term value. But in this case, the whale’s mistimed entries highlight how quickly markets can swing against even the biggest players. The use of Aave’s Wrapped Token Gateway also shows the whale is putting some of the ETH to work in DeFi. By depositing thousands of ETH, the whale may be seeking to earn yield while waiting for prices to recover. However, this strategy carries its own risks if volatility continues.
Market Context
Ethereum has been trading in a volatile range through September. After briefly pushing above $4,300 earlier in the month. The token fell back below $4K as broader crypto sentiment cooled. Liquidation data shows more than $100M in ETH longs were wiped out this week as leverage unwound across exchanges. Combined with the OTC whale’s loss. The pressure illustrates how even high-net-worth buyers face challenges when entering positions during uncertain price action. Still, ETH remains the second-largest cryptocurrency with a market cap above $470B. Whale activity is often seen as a vote of confidence in its long-term fundamentals.
No Major Sell-Off Yet
The whale now faces a choice: double down and accumulate more ETH at lower levels. Or wait for a rebound to cut losses. On-chain watchers will be closely tracking the addresses for further movement. Especially any signs of additional deposits into Aave or transfers back to exchanges. Currently, the wallets linked to the whale still hold the majority of the purchased ETH.
That means the market could feel further pressure if liquidation or large-scale selling begins. What is clear is that Ethereum whales remain active, and their trades continue to provide valuable signals for market sentiment. In this case, the whale’s aggressive $238M bet has turned into a costly lesson in timing.
